A recent Maine Superior Court decision in US Bank v. Decision One Mortgage highlights the challenge of a foreclosing party to prove that it owned -- or had sufficient rights in -- both the note and the mortgage. The importance of establishing ownership in order to foreclose on a mortgage was established by Bank of America, N.A. v. Greenleaf, 2014 ME 89, a seminal decision of Maine’s highest court in 2014.
Entries in Foreclosure (9)
In a decision sure to cast doubt on the validity of numerous mortgages throughout the State, Maine’s highest court invalidated the foreclosure of a mortgage held by MERS. In Bank of America v. Greenleaf, the Maine Law Court held that MERS, a Delaware corporation that acts as nominee for mortgagees around the country, did not have sufficient ownership interest in the mortgage to assign the right to foreclose. 2014 ME 89. A bank that attempts to foreclose on a mortgage received through assignment from MERS, therefore, may lack standing and have no right to foreclose on the mortgage.
- Many borrowers suspicious of Home Affordable Refinance Program (HARP). (Portland Press Herald 7.8.14)
- Maine in top 5 of states with highest foreclosure inventory. (Market Watch 7.8.14)
- NBT plans to open branch in Portland, Maine. (Bangor Daily News 7.2.14)
- Many states have job levels at pre-recession levels even though the nation has regained all 9 million jobs. (Portland Press Herald 7.2.14)
- William J. Ryan to become board chair of Berkshire Hills Bancorp (Portland Press Herald 7.1.14)
- Maine home sales increase 7.3% while sales prices decrease 4.8%. (Portland Press Herald 6.25.14)
- SunTrust Mortgage settles robo-signing dispute. 185 Mainers helped, according to Attorney General Janet Mills. (Bangor Daily News 6.19.14)
- The FBI, several foreign governments and security firms break up sophisticated financial crime ring. (Portland Press Herald 6.4.14)
- Bar Harbor Bank & Trust CEO to retire in June 2013 (BDN, 11/27)
- PATCO Construction and People’s United Bank settle case related to 2009 ACH theft (Computer World.com, 11/27)
- Maine homes facing foreclosure contribute to worsening housing stock in some neighborhoods (Portland Press Herald, 11/18)
- Maine Foreclosure Diversion Program to implement new conflict of interest rules for mediators (LoanSafe.org, 11/16)
On the eve of President Obama’s State of the Union address, five of the country’s largest mortgage lenders have proposed a settlement to end pending litigation over potentially illegal foreclosure practices – including flawed or fraudulent filings or paperwork.